The wholesale electricity price has risen for a fourth consecutive day, reaching nearly 300 euros per MWh, the highest level recorded this month.
Today’s day-ahead market price is at 293.79 euros per MWh, a 42 percent increase compared to the price registered on January 22, when prices last dipped, falling to 206.46 euros per MWh.
The energy mix covering demand today is dominated by natural gas-fueled generation, representing 40.1 percent, while renewable energy sources and hydropower, both capable of containing prices, are limited to 19.97 percent and 6.52 percent of the energy mix, respectively. Lignite-fired power stations are contributing to today’s energy mix with an elevated 14.77 percent share, while electricity imports are also high, representing 14.34 percent of the mix.
According to market analysts, low wind levels have severely restricted wind energy output during nighttime hours, which prompted the need for electricity imports to cover domestic electricity demand.
Wholesale electricity prices are expected to fall to levels below the December average level of 235 euros per MWh, according to projections.
The government is currently analyzing market data to calculate the level of electricity subsidies to be offered for February. No major changes, compared to the current month’s subsidy package, are expected.
Businesses are expected to receive uniform subsidy support in February. Criteria shaped by the energy ministry have yet to be approved by the European Commission.